Anthropic IPO: What investors should watch

Anthropic’s potential IPO will test whether exceptional revenue growth can justify a valuation near $2 trillion while frontier-AI compute costs remain very high.

• Anthropic’s run-rate revenue reportedly rose from approximately $9 billion at the end of 2025 to more than $30 billion in April 2026, $47 billion in May and over $65 billion by the end of July.
• Media reports have put the possible offering at up to $100 billion and the valuation near $2 trillion, potentially exceeding SpaceX’s June 2026 IPO, which raised $86 billion at a $1.75 trillion valuation.
• Anthropic is reportedly forecasting $190 billion to $200 billion of revenue in 2028, while its proposed total addressable market exceeds $30 trillion; the article cautions that TAM is not a revenue forecast and excludes competition, adoption constraints, pricing, regulation and capture costs.
• Compute economics are central because Anthropic reportedly agreed to spend $45 billion over six years for approximately 460 megawatts of AI cloud capacity from Nscale, using Nvidia’s next-generation Vera Rubin systems.
• The company’s Delaware Public Benefit Corporation structure requires it to balance shareholder interests with a stated public benefit, and it is considering allowing existing shareholders to sell shares in the IPO.

Takeaway: Investors would gain exposure to one of generative AI’s fastest-growing companies, but the IPO’s valuation depends on execution against ambitious long-term revenue forecasts while compute spending, competition and governance obligations evolve.